Posted on 11/07/2018 9:11:14 AM PST by dangus
Good info; thanks!
>> We consume in the range of 19 million barrels a day. We produce less than 12 million barrels per day. <<
Not really. Of what we “consume,” 6 million barrels are for export products (such as gasoline, chemical products, etc.) Our net imports of oil are less than 2 million barrels per day, lately.
But it’s worth noting that until we reach 19 million barrels, cheap oil will be beneficial for our economy. As opposed to OPEC nations, Russia, Mexico, etc., which root for expensive oil.
It looks like we both got some numbers wrong.
I think this is the data source you used:
https://www.eia.gov/petroleum/supply/weekly/pdf/table1.pdf
My claim that we consume around 19 mbd of crude oil came from the EIA summary for 2017, which was 19-20 mbd.
I'm thinking now that EIA’s 2017 number was for crude oil PLUS natural gas liquids and all the other liquids.
Your statement that we imported 2.1 mbd of crude oil last week, and that the four week average is less than 2 mbd, is not what EIA’s data chart says.
The chart says that Net Imports of crude were 5.1 mbd last week, and the four week average was 5.3 mbd.
In other words, we would need to increase our domestic production of crude almost 50% to reach energy independence.
“Oil prices crashing??????
Could have fooled me.”
Have you bought gas this week? In my area the price per gallon is down .20 or more this week
I buy gas and diesel weekly (125 round trip to work every day) and gas has been $2.79/gal here in NH for about a month or more.
Diesel has kept going up slowly since Oct and now is $3.25/gal and has been for about 3 weeks (tough on the wallet when you have a 52 gal tank on the truck).
Nope. My numbers were correct. Look at the last row, “Net Imports of Crude and Petroleum Products.” 2,106 thousands barrels per day. The difference between that number and the 5.1 million you’re seeing is that in addition to importing 5.1 million barrels of oil (net), we EXPORT 3.028 million barrels of oil products (net), such as gasoline.
IOW: We import a net of 5.1 million barrels of oil, but 3.028 million barrels are not for the domestic market, but for exporting refined products. We refine oil for other countries because the oil we produce is usually unnecessarily sweet, so it can be blended with other nation’s sour stuff, and, well, we’re really good at it.
Gas prices are affected by what tax is on each gallon and where you live. Some states charge 45-50 cents per gallon. Refiners are required to make different blends depending on the region of the country. If that blend is in short supply, up goes the price.
IF the frikking EPA would standardize on one blend for the whole country, we wouldn’t see such fluctuations.
Here in Oklahoma City say $2.15 at a Seven Eleven yesterday.
Location is probably the reason you’re not seeing price reduction. It’s been fairly stable in TN since the summer 2.49-2.59 a gallon. The last two weeks it dropped rapidly
Looks like the Gas Station owners are keeping it up high for extra profits.
They were trying to foment discontent during the run-up to the election. Now that the blue ripple has died out, there is no longer any need.
ALL my comments have been about crude oil.
You are combining crude oil exports with the exports of natural gas liquids, ethanol, and other renewable fuels.
Almost 50% of our domestic production of petroleum liquids is exported.
As far as I know, all of our gasoline, jet fuel, and heating oil comes from crude oil - which is why I focus on crude.
As I said before, our net import of crude oil is 5.1 mbd to 5.3 mbd.
It’s not how big your tank is, it’s how much you’re driving
Bump
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